Cardano price analysis: ADA ready to challenge the $1.31 mark again

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TL;DR Breakdown

  • Cardano price is expected to rise to $1.31
  • The closest support level lies at $1.26
  • Cardano price is facing resistance at the $1.31

After finally climbing past the $1.35 mark in the past week, Cardano price failed to continue its bullish rally and the price has dropped to just below $1.31.While the price at press time holds just below $1.31, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues

Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 0.19 and a 0.28 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 4.77 and a 1.67 percent hike.

Technical indicators for ADA/USDT

Cardano price analysis: ADA ready to challenge the $1.31 mark again 1
Technical indicators for ADA/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 12 am today, since then bullish pressure is increasing steadily and the indicator is currently just below the 0.011 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for over 5 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands at press time are narrow and as the last few candlesticks are red the bands will converge further in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Cardano price to decrease in the short term. However, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 10 of the 26 indicators suggesting a bullish movement against only seven indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Cardano price?

Cardano price analysis: ADA ready to challenge the $1.31 mark again 2
4 hour price chart by Trading view

Cardano price is currently facing resistance at $1.31 mark but the market shows strong bullish sentiment.The short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above the $1.31mark soon .Traders can even expect an upward breakthrough where Cardano might be able to challenge the $1.35 mark again if the current momentum continues.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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